DDM Analysis: SPMA.JK

Valuation Snapshot

Stable Growth	$325.30 - $505.25	$408.53
Multi-Stage	$748.98 - $825.02	$786.25
Blended Fair Value	$597.39
Current Price	$196.92
Upside	203.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	11.97	0.00	0.00	10.03	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	5.72%	0.00%	0.00%	2.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	108,892.79
(-) Cash Dividends Paid (M)	37,759.96
(=) Cash Retained (M)	71,132.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21,778.56	13,611.60	8,166.96
Cash Retained (M)	71,132.83	71,132.83	71,132.83
(-) Cash Required (M)	-21,778.56	-13,611.60	-8,166.96
(=) Excess Retained (M)	49,354.27	57,521.23	62,965.87
(/) Shares Outstanding (M)	3,154.09	3,154.09	3,154.09
(=) Excess Retained per Share	15.65	18.24	19.96
LTM Dividend per Share	11.97	11.97	11.97
(+) Excess Retained per Share	15.65	18.24	19.96
(=) Adjusted Dividend	27.62	30.21	31.93
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$325.30	$408.53	$505.25
Upside / Downside	65.20%	107.46%	156.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	108,892.79	107,803.86	106,725.82	105,658.57	104,601.98	103,555.96	106,662.64
Payout Ratio	34.68%	45.74%	56.81%	67.87%	78.94%	90.00%	92.50%
Projected Dividends (M)	37,759.96	49,310.58	60,626.42	71,711.01	82,567.84	93,200.36	98,662.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	45,910.67	46,379.15	46,847.62
Year 2 PV (M)	52,554.38	53,632.39	54,721.35
Year 3 PV (M)	57,877.05	59,666.93	61,493.35
Year 4 PV (M)	62,044.74	64,616.21	67,266.79
Year 5 PV (M)	65,205.64	68,601.05	72,136.46
PV of Terminal Value (M)	2,078,771.71	2,187,018.17	2,299,727.71
Equity Value (M)	2,362,364.19	2,479,913.91	2,602,193.28
Shares Outstanding (M)	3,154.09	3,154.09	3,154.09
Fair Value	$748.98	$786.25	$825.02
Upside / Downside	280.35%	299.28%	318.96%

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PT Suparma Tbk (SPMA.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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